Wed, 29 Jan 2025

Lloyds to close 136 branches as people shift to apps

The closures across its brands will be completed by March next year, as more customers go digital.

* Lloyds Banking Group will close 136 branches by March next year, citing a decline in footfall due to increased use of digital channels.
* The closures will affect 61 Lloyds, 61 Halifax, and 14 Bank of Scotland branches, bringing the number of Lloyds branches down to 386, Halifax down to 281, and Bank of Scotland down to 90.
* All affected staff will be offered alternative jobs within the company.
* Transactions at the affected branches have fallen by an average of 48% over the past five years as customers use mobile services more frequently.
* The bank's decision has been criticized, with consumer group Which? pointing out that banks and building societies have closed 6,266 branches since January 2015.
* Lloyds has defended its decision, stating that customers still have plenty of choice, including using Post Office branches or banking hubs.
* Banking hubs, which see multiple banks sharing premises for basic services, have been recommended in 21 locations as part of the closure plans.
* The government has expressed concerns about the impact on vulnerable people and has committed to opening more hubs to ensure access to cash.
* Only 12% of payments are made with cash, but 1.5 million people rely heavily on notes and coins for daily expenses.
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